In English, it’s bribery. In French, it’s pot-de-vin (a glass of wine). In Spanish, it’s mordida (a bite). In Italian, it’s spintarella (a little push). By whatever name, corruption is endemic in many parts of the world, harming GDP growth, discouraging foreign investment and reducing business and consumer confidence.

It is perhaps expected in the developing world, but surprisingly, just six members of the Group of Twenty Finance Ministers and Central Bank Governors (G20) ranked among the top 20 least corrupt countries globally in the Corruption Perceptions Index (CPI) 2012. The G20 group takes in 20 major economies (19 countries as well as the European Union) and accounted for a combined 85.6% of global GDP in 2012.

First launched in 1995 by Transparency International, the CPI has been widely credited with putting the issue of corruption on the international policy issue agenda. According to Transparency International, the world’s ten most corrupt countries are Somalia, North Korea, Afghanistan, Sudan, Myanmar, Uzbekistan, Turkmenistan, Iraq, Venezuela and Haiti. While the world’s least corrupt countries are Denmark, Finland, New Zealand, Sweden, Singapore, Switzerland, Australia, Norway, Netherlands, and Canada.

Corruption takes many forms but is most frequently the payment of financial bribes by companies or individuals in order to gain advantage. It is very difficult to measure because most of it goes unrecorded. Nonetheless, a World Bank report from 2004 suggested that US$1 trillion was paid in bribes every year. Corruption has a negative impact on the ease of doing business and adds to business costs. These costs are passed on to consumers through increased prices, which in turn reduces sales and company profits. Tax evasion also prevents revenue reaching governments, meaning less money to invest in infrastructure and the need to raise business tax rates to uncompetitive levels in order to compensate for the loss.

There is also a direct correlation between labour productivity and corruption levels. Australia had the highest labour productivity of the G20 in 2012 and is the least corrupt among the G20 economies in 7th place. Any attempt at bribery by Australian firms, even in countries where it is commonplace, is an imprisonable offence. Due to common or garden bribery, Russia is the worst ranking country among G20 economies in the Corruption Perceptions Index 2012, coming in at 133rd place out of 176 countries, but it is also among the most improved, having moved from 143rd place in 2007 due to the introduction of an anti-corruption council in 2008.

In recognition of the need to tackle corruption, the G20 members implemented the first anti-corruption plan in November 2010 to try to eradicate the use of bribery among officials

In recognition of the need to tackle corruption, the G20 members implemented the first anti-corruption plan in November 2010 to try to eradicate the use of bribery among officials. Among the key points of the plan were measures to protect those who alert authorities to the presence of corrupt practices and the prevention of allowing corrupt officials from easily travelling abroad. Now, the G20 has set new targets for 2013-2014.

In April 2013, the third Anti-Corruption Conference for G20 governments and business was held in Paris. The event was organized within the framework of Russia’s G20 presidency jointly with the Organization for Economic Cooperation and Development, and with the support of the UN Office on Drugs and Crime. The main topics of the conference were fighting corruption during the organization of sport and other major events, the impact of corruption and anti-corruption reforms on economic growth and the use of the best practices in fighting corruption.

In the roundtable discussions devoted to fighting corruption in sport, participants discussed possible anti-corruption measures that can be applied on different stages of conducting of sporting events, including elimination of unfair competition in providing the right to conduct sporting events and fighting match fixing. The Corruption in the UK report by Transparency International UK revealed that sport is seen by the U.K. public as the second most corrupt sector in the country.

Other topics discussed include the potential and effectiveness of integrity pacts between business and governments and other mechanisms for sharing anti-corruption expertise among businesses and governments; support for public-private partnerships to combat corruption in specific sectors; and promoting effective enforcement of legislation against domestic and foreign bribery. To this end, in 2013, the G20 we will be sharing best practices and information to demonstrate how enforcement activity is being pursued.

The G20 will continue to exert a strong influence over the global economy, accounting for an estimated combined 84.1% of total global GDP in 2020. Due to the strong influence of the G20 countries in the global economy, a reduction in corruption and bribery practices in the G20 and strong penalties for using them abroad in countries where their use is common will also help to diminish corruption in non-G20 members that trade with G20 countries. So, is bribery to eventually become a thing of the past? No more fakelaki (little envelope) in Greece, chaqian (tea money) in China or gaseoso (soft drink) in Portugal?